US ENERGY CORP — Director's Dealing 2008

Aug 13, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US ENERGY CORP (USEG)
CIK: 0000101594
Period of Report: 2008-08-11

Reporting Person: FRASER H RUSSELL (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-08-11	Common Stock	D	4050	$3.02	Disposed	21363	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1300	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to buy)	$2.25	2011-12-06	Common Stock (10000)	10000	Direct
Stock Options (Right to buy)	$2.4	2011-01-09	Common Stock (10000)	10000	Direct
Stock Options (Right to buy)	$2.46	2014-06-30	Common Stock (50000)	50000	Direct
Stock Options (Right to buy)	$2.88	2008-09-24	Common Stock (12500)	12500	Direct
Stock Options (Right to buy)	$3.86	2015-10-13	Common Stock (25000)	25000	Direct
Stock Options (Right to buy)	$3.9	2011-12-07	Common Stock (20000)	20000	Direct

Footnotes

F5: Options issued to Reporting Person as a member of the Issuer's Board of Directors.

F1: Includes 1,000 shares held in joint tenancy with the Reporting Person's wife.

F3: Includes 4,000 shares held in an Individual Retirement Account (IRA) for the benefit of the Reporting Person.

F2: Includes shares directly owned by the reporting person.

F4: Includes 1,300 shares held in an IRA established for the benefit of the Reporting Person's wife. The Reporting Person disclaims any beneficial interest in these shares.